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the same is true for any future deficit agreement. we will have to do more to reduce our debt and deficit. i am willing to do more but it will have to be balanced. we will have to do it in a responsible way. i am willing to reduce our government's medicare bills by finding new ways to reduce the costs of health care in this country. that is something which all agree on. we want to make sure that medicare is there for future generations but the current trajectory of health care costs is going up so high that we have to find ways to make sure that it is sustainable. that kind of reform has to go hand in hand with doing some more work to reform our tax code so that wealthy individuals, the biggest corporations, cannot take advantage of loopholes and deductions that are not available to most of the folks standing up here for most americans. there is still more work to be done in the tax code to make it fair even as we are also looking at how we can strengthen something like medicare. if republicans think i will finish the job of the defic
the same is true for any future deficit agreement. we will have to do more to reduce our debt and deficit. i am willing to do more but it will have to be balanced. we will have to do it in a responsible way. i am willing to reduce our government's medicare bills by finding new ways to reduce the costs of health care in this country. that is something which all agree on. we want to make sure that medicare is there for future generations but the current trajectory of health care costs is going up...
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Dec 24, 2012
12/12
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the deficit of about $1 trillion that is for fiscal 2013. that assumes that somehow the fiscal cliff doesn't happen and we don't reduce the deficit by $600 billion. national debt, about $16 billion , debt held by the public -- as a percentage it is getting up there. we've had it before. as we talked about two weeks ago it is not so much that the size of the debt it is how fast the debt is growing in comparison to the size of the economy. you don't want to pay off the debt but you want it to fall. host: how did we get to this point? why is the government spending so much and under this president, we've seen the debt go up $1 trillion each year over the last four years. where is it going? guest: there are two main ways to look at it. right now, we're still coming out of this economic crisis. so you have large debts for four years mainly because you have low revenues as people don't have jobs or they are getting paid less. then there has been extra spending programs over the last four years but also, we have this mandatory spending programs tha
the deficit of about $1 trillion that is for fiscal 2013. that assumes that somehow the fiscal cliff doesn't happen and we don't reduce the deficit by $600 billion. national debt, about $16 billion , debt held by the public -- as a percentage it is getting up there. we've had it before. as we talked about two weeks ago it is not so much that the size of the debt it is how fast the debt is growing in comparison to the size of the economy. you don't want to pay off the debt but you want it to...
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Jan 1, 2013
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republicans don't care about deficit reduction. if they had they would have allowed it to take place and reduced the deficit. >> i am always interested in what he has to say. it is interesting, this vote asked, what do conservatives and republicans believe in the house and what do republicans believe? as i have said to you from day one, democrats want the fiscal cliff. howard dean said on your program, it is the best deal that they are going to get. the republicans would never go along with and they are going to get tax raises on rich people. and when we go off the physical cliff congress goes back into session. republicans are blamed for the bad economy and roger is right. the three programs, social security and medicare and medicaid have been untouched. roger, the reason i give this one cheer out of three cheers, i think he is right. the democrats are salivating to demonize and this deal is the best they are going to get. >> in this one, some people say, that the real hidden agenda is to break the pledge on tax cuts and break the
republicans don't care about deficit reduction. if they had they would have allowed it to take place and reduced the deficit. >> i am always interested in what he has to say. it is interesting, this vote asked, what do conservatives and republicans believe in the house and what do republicans believe? as i have said to you from day one, democrats want the fiscal cliff. howard dean said on your program, it is the best deal that they are going to get. the republicans would never go along...
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twice as large as the largest bush deficit. we are spending a trillion more a year than we were five years ago. we have to resolve dhou we continue to spend this money. we can wrap around how we get this spending down no amount of taxation is going to solve the problem. >> why is it there's a reluctance to identify where the spending cuts should go? no one wants to talk about the sacred entitlements but at some point we have to. if we are spending a trillion dollars a year and if the revenues are offset by the spending recommended by the president our grandchildren will be held hostage. >> get everybody back to work. we did not pay for the cost of the war. president bush should have done that. both were declared during his administration. that cost is enormous. huge pay out to health insurance unemployment compensation and so forth because the wholly con me went to pot. of course spending would go up. having responsible legislation is so important. it starts if the congress has been a part of economic growth in this country. hu
twice as large as the largest bush deficit. we are spending a trillion more a year than we were five years ago. we have to resolve dhou we continue to spend this money. we can wrap around how we get this spending down no amount of taxation is going to solve the problem. >> why is it there's a reluctance to identify where the spending cuts should go? no one wants to talk about the sacred entitlements but at some point we have to. if we are spending a trillion dollars a year and if the...
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Jan 1, 2013
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dropping being squeezed every year by my conservative friends on the other side of the aisle, with deficits remaining high, every dollar of sacrifice that the wealthy forego is sacrifice that we will later be asking of real middle-class, modest-income americans. every dollar that the top 2% of taxpayers do not pay under this deal, we will eventually ask folks of modest means to foreg forego -- to forego in social security or medicare or medicaid or head start benefits or other items that benefit the real middle class. i believe it is gravely shortsighted to look at these issues in isolation from each other, especially since the republicans have made crystal clear they intend to seek mandatory spending cuts just two months from now using the debt limit as leverage. so number three, why in this deal do we make the tax benefits for the rich permanent while the progressive tax benefits we put in place in 2009 to help people of modest means, why are those temporary? for example, the estate taxes that benefit the wealthiest are made permanent. the earned income tax credit that affects the lower i
dropping being squeezed every year by my conservative friends on the other side of the aisle, with deficits remaining high, every dollar of sacrifice that the wealthy forego is sacrifice that we will later be asking of real middle-class, modest-income americans. every dollar that the top 2% of taxpayers do not pay under this deal, we will eventually ask folks of modest means to foreg forego -- to forego in social security or medicare or medicaid or head start benefits or other items that...
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who should pick up the burden for deficit reduction? working people who have seen their wages go down or the top 2% who have done phenomenally well, while their effective tax rate, as mitt romney reminded us by not releasing his tax returns, is extremely low. so to my mind, what this deficit reduction debate is about is asking the wealthiest people, the large corporations to help us with deficit reduction and give a break for a change to the middle class and working families. >> as you say, one that would mean less money for seniors with the social security adjustment is off the table, are you more optimistic about getting a deal done. >> we still have a long way to go. >> what do you see as the major sticking point? >> one of the sticking pointing, what the republicans want to do is continue the 2010 agreement on lower estate tax rates, which means, chris, $120 billion tax break over a ten-year period for the top 0.2 of 1%. they get $120 billion tax break. and people come forward and say we're very serious about deficit reduction. thir
who should pick up the burden for deficit reduction? working people who have seen their wages go down or the top 2% who have done phenomenally well, while their effective tax rate, as mitt romney reminded us by not releasing his tax returns, is extremely low. so to my mind, what this deficit reduction debate is about is asking the wealthiest people, the large corporations to help us with deficit reduction and give a break for a change to the middle class and working families. >> as you...
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this started out as a discussion about cutting the debt, cutting the deficit and now what's going to happen is th smallest plans on the table are going to-- are not really going to cut the deficit in the long run and don't have major spending cuts and i noticed at one point when he was asked about the sequester, not just the tax side, but the automatic spending cuts about to kick in. he said if we raise revenue by the wealthy paying more, that would be sufficient to turn off this request or what's called the automatic spending cuts and that's what republicans have been suggesting if he raises more revenue raising taxes on the rich, he's not going to put it towards the deficit, but the president kind of suggested that today. >> and a question from the beginning and it's your segment, go ahead. >> i've been on the show for ten seconds, by first time on the "the five", you've interrupted me and contradicted me. >> there will be plenty more time for that, and welcome to "the five", and bob beckel. >> can i ask my question of ed. because ed, you mentioned that i had experience in dealing
this started out as a discussion about cutting the debt, cutting the deficit and now what's going to happen is th smallest plans on the table are going to-- are not really going to cut the deficit in the long run and don't have major spending cuts and i noticed at one point when he was asked about the sequester, not just the tax side, but the automatic spending cuts about to kick in. he said if we raise revenue by the wealthy paying more, that would be sufficient to turn off this request or...
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Dec 29, 2012
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american looking for a job, and lays the groundwork for future cooperation on more economic growth and deficit reduction. you guys, i can hear you over there. i believe such a proposal could pass both houses with bipartisan majorities. as long as those leaders allow it, to actually come to a vote. if members of the house or the senate want to vote no, they can, but we should let everybody vote. >> i would actually really like to know who he was shushing there. but to his main point, here's what the president intends to do. senators reid and mcconnell will try to come to a deal. if they fail, the white house and harry reid are going to try to jam through a bill that increases taxes on rich people and extends unemployment insurance, which are the two key democratic priorities. they'll pretty much dare republicans to block it. and republicans probably won't be able to, at least not for long. here's johnny isaacson, a republican senator from georgia, over the weekend. >> if we get down to the end of this year, and the only choice we have is to save taxes going up on the middle class, then i would
american looking for a job, and lays the groundwork for future cooperation on more economic growth and deficit reduction. you guys, i can hear you over there. i believe such a proposal could pass both houses with bipartisan majorities. as long as those leaders allow it, to actually come to a vote. if members of the house or the senate want to vote no, they can, but we should let everybody vote. >> i would actually really like to know who he was shushing there. but to his main point,...
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so to delay that has a cost that further adds to the deficit. so they have been trying to find ways to offset that cost. to bring in new revenue through these new taxes, to protect the current tax rates for the majority of americans. so anyone who earns less than 400,000 dollars as an individual will have the same tax rates as they do now. other sorts of tax provisions like the 2% payroll tax will stay in effect. and for those people who have been out of work the longest and have been depending on unemployment benefits, those will continue as a part of this deal. it is complicated. it has very significant impact on the economy, on people's pocketbooks, and there has been sharp political divide for a very long time. that's the subject of the campaign on many levels, it will be a subject of campaigns for many of these members of congress in the future when they are up for reelection. but this represents a significant breakthrough after so much difficulty. much of the credit will probably go to mitch mcconnell and vice president joe biden. and alon
so to delay that has a cost that further adds to the deficit. so they have been trying to find ways to offset that cost. to bring in new revenue through these new taxes, to protect the current tax rates for the majority of americans. so anyone who earns less than 400,000 dollars as an individual will have the same tax rates as they do now. other sorts of tax provisions like the 2% payroll tax will stay in effect. and for those people who have been out of work the longest and have been depending...
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we still have deficits that have to be dealt with. we're still going to have to think about how we put our economy on a long-term trajectory of growth and how we continue to make investments in things like education, things like infrastructure that help our economy grow. keep in mind that the threat of tax hikes going up is only one part of this so-called fiscal cliff that everybody has been talking about. what we also have facing us starting tomorrow are automatic spending cuts that are scheduled to go into effect. keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department, but they also have an impact on things like head start and so there are some programs that are scheduled to be cut that we're using an ax instead ax instead of a scalpel. may not always be the smartest cuts and so that is a piece of business that still has to be taken care of. and i want to make clear that any agreement we have to deal with these automatic spending cuts that are b
we still have deficits that have to be dealt with. we're still going to have to think about how we put our economy on a long-term trajectory of growth and how we continue to make investments in things like education, things like infrastructure that help our economy grow. keep in mind that the threat of tax hikes going up is only one part of this so-called fiscal cliff that everybody has been talking about. what we also have facing us starting tomorrow are automatic spending cuts that are...
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a dog to be reducing the deficit and debt. they say they want higher taxes on people in this country to pay for new spending. >> you have spoken a few times with the prize -- the vice president and it seems they have been able to come up with bipartisan deals. did he give you an indication that you just had with fellow republicans that it may be an avenue of success? >> there were conversations and discussions between us and we remain hopeful that it will be a breakthrough. obviously, what happened here between the two leaders in the senate had broken down because they had come forward with a counter offer to what republicans said last night. hopefully the discussions between the vice-president and senator mcconnell will get us back on track and we will have a breakthrough and something we can vote on today or tomorrow to avert what we all believe would be an economic disaster. >> harry reid is as if you cannot come up with something by tonight that he will push a scaled-down version of what the president asked for, the tax cu
a dog to be reducing the deficit and debt. they say they want higher taxes on people in this country to pay for new spending. >> you have spoken a few times with the prize -- the vice president and it seems they have been able to come up with bipartisan deals. did he give you an indication that you just had with fellow republicans that it may be an avenue of success? >> there were conversations and discussions between us and we remain hopeful that it will be a breakthrough....
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they want them to carry the burden of reducing the deficit and refuse to ask higher income individuals to pitch in to fully share responsibility. and that is exactly what is happening. it is important to know that republicans are now demanding that the wealthiest of the very wealthiest estates in this country get a sweetheart deal on estate taxes which would help 7,200 families in the country next year get an average tax break of $1.2 million. and they are holding up tax relief for everybody else in the country in order to get this demand met for the very wealthiest estates. this isn't even the top 1%. this is a fraction of 1%. while they want to give those folks a big break they want folks on social security to pay more. and so this is a major setback. it is interesting to hear mitch mcconnell talking about his good faith efforts. he knows that he just threw a monkey wrench into the negotiations y. think he is also doing it to protect speaker boehner and the republicans and the house because he doesn't want to send them a deal that he knows they are going to vote down. >> let's talk a
they want them to carry the burden of reducing the deficit and refuse to ask higher income individuals to pitch in to fully share responsibility. and that is exactly what is happening. it is important to know that republicans are now demanding that the wealthiest of the very wealthiest estates in this country get a sweetheart deal on estate taxes which would help 7,200 families in the country next year get an average tax break of $1.2 million. and they are holding up tax relief for everybody...
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explodes the deficit. hurts middle class employment. none has anything to do with the problem that we have which is number one in revenue we are spending too much and number two job creation. none of this helps either one of those things joe trippi and you know that is true. >> i don't know that is true and we won't agree about that. we will agree about one thing. going over the cliff will be far worse than what the president has put forward as a solution. >> sean: no, it is not. >> yes, it will. why don't we go over the cliff and get it over with. that makes sense to me, sean. >> sean: i say from the beginning he wanted to go over the cliff. he gets to blame republicans, tax everybody and gets defense cuts he never dreamed of through se see questions traition. we still have trillion dollars deficits. >> we got to be honest here. >> let's be honest both parties have been lying to the american people about that for years for decades sean. it is not a dam problem. >> sean: and no president has spent like this reckless spender. billy cunni
explodes the deficit. hurts middle class employment. none has anything to do with the problem that we have which is number one in revenue we are spending too much and number two job creation. none of this helps either one of those things joe trippi and you know that is true. >> i don't know that is true and we won't agree about that. we will agree about one thing. going over the cliff will be far worse than what the president has put forward as a solution. >> sean: no, it is not....
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that's a drop in the bucket to our deficit problems. so the real issue is spending and we got to deal with it. >> my guess is you're hearing the same thing that i hear from people. whether they're friends or family or they're people that i just -- that see me in starbucks. that is, why can't they get this done? i can't tell you the number of people who have said to me if i had a deadline at work and i just ignored it, i'd lose my job. this was yesterday on the senate floor. >> something has gone terribly wrong when the biggest threat to our american economy is our american congress. >> how did we get to this, congressman? he right? >> yes, he is. really it's the inability of congress to control spending. that is why we're in this pickle right now. we're spending $1.2 trillion more than we're taking in every year. and so he is completely right. i think people are right to see congress as dysfunctional. that's why we've got to deal with this today or tomorrow or the next day in a way that fixes this long term, not just gets us out of the
that's a drop in the bucket to our deficit problems. so the real issue is spending and we got to deal with it. >> my guess is you're hearing the same thing that i hear from people. whether they're friends or family or they're people that i just -- that see me in starbucks. that is, why can't they get this done? i can't tell you the number of people who have said to me if i had a deadline at work and i just ignored it, i'd lose my job. this was yesterday on the senate floor. >>...
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tom: will that tax solve the deficit spending? >> it will if you include 2%, 250,000 for couples, 200,000 for individuals and above. you start taxing capital gans and dividends, reinstate that and get rid of $10 billion in corporate taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close to fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope that the blame game can be put aside so they can get some work done? in the private sector these people would be fired. >> absolutely. this is a do nothing congress, the least active in four years whe
tom: will that tax solve the deficit spending? >> it will if you include 2%, 250,000 for couples, 200,000 for individuals and above. you start taxing capital gans and dividends, reinstate that and get rid of $10 billion in corporate taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close to fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class...
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it ought to be about reducing the deficit and the debt and what they are essentially suggesting is we want new taxes, we want higher taxes on people in this country to pay for new spending. >> senator, senator mcconnell has spoken a couple times with the vpz. we have seen in the past that the two of them have been able to come up with bipartisan deals to get through congress on taxes and other things. did he give you an indication in the meeting you just had with rank and file republicans that might be an avenue of success? >> there -- those conversations and discussions continue. and we remain hopeful that that will get a breakthrough. on veryiously, what had happened here between the two leaders in the senate had broken down because the senate democrats failed to come forward with a counteroffer to the proposal republicans made last night. so hopefully, the discussions between the vice president and senator mcconnell will get us back on track, hopefully get a breakthrough and something we can vote on, hopefully today or tomorrow that will avert what we believe will be an economic di
it ought to be about reducing the deficit and the debt and what they are essentially suggesting is we want new taxes, we want higher taxes on people in this country to pay for new spending. >> senator, senator mcconnell has spoken a couple times with the vpz. we have seen in the past that the two of them have been able to come up with bipartisan deals to get through congress on taxes and other things. did he give you an indication in the meeting you just had with rank and file republicans...
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debt or the deficit, and they're unwilling to do anything. dan is completely wrong. speaker boehner is not prepared to make a deal. you know, he's not the host of "let's make a deal." he's completely incapable of making a deal. and look, i think we're headed over the fiscal cliff because, again, i don't think the republican party is serious about playing an important role in governing this country. >> now, i don't necessarily disagree with you, but let me push back a little bit, and then i'll let dan jump in. >> sure. >> look, the argument i'm hearing -- and i don't know what cuts the president is offering to the republicans -- but why doesn't he offer more? why doesn't he give them -- i mean, anything more that he offers would be better than going over the fiscal cliff. why can't we get to something? why can't he give enough significant cuts that would make some of these republicans in districts that will really have problems when they go back to win re-election, if they raise taxes, give them some sort of incentive. give them some serious c
debt or the deficit, and they're unwilling to do anything. dan is completely wrong. speaker boehner is not prepared to make a deal. you know, he's not the host of "let's make a deal." he's completely incapable of making a deal. and look, i think we're headed over the fiscal cliff because, again, i don't think the republican party is serious about playing an important role in governing this country. >> now, i don't necessarily disagree with you, but let me push back a little bit,...
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we still have a trillion-dollar deficit. we've got a lot of work to do. >> we do have a lot of work to do all i ask is we get the work down. stephen moore, always a pleasure to talk to you. we'll be talking a lot in 2013. >>> coming up, the great tax debate that stephen was just talking about. does raising tax on the wealthy really hurt the economy? i'll give you an answer after this. >>> the biggest issue in all the fiscal cliff wrangling is taxes. it's not the most important issue, but it's the central one. grover norquist told you his strong opposition to any tax increases of any sort. many republicans share his view. let's look at the economy. obviously across the board tax increases would hurt the economy. but what will the real economic reaction be to small tax increases on the wealthiest americans? now, annie lowrie of the "new york times" is still with us. i always have to make sure my viewers understand i am not advocating for tax increases on the rich. i want to explain what could happen. i want to bring in jean za
we still have a trillion-dollar deficit. we've got a lot of work to do. >> we do have a lot of work to do all i ask is we get the work down. stephen moore, always a pleasure to talk to you. we'll be talking a lot in 2013. >>> coming up, the great tax debate that stephen was just talking about. does raising tax on the wealthy really hurt the economy? i'll give you an answer after this. >>> the biggest issue in all the fiscal cliff wrangling is taxes. it's not the most...
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the deficit, like how much debt or adding. over a trillion. just when you're. federal government running a a tab of a trillion. we talk about this number of the time. let's get this zero's again. a very big number. tough to get your arms around these numbers. when you see it on a piece of paper it's easier. i thought it would be even easier if we thought about one american household. what if each of those numbers translate it into one family. if you ran the household like the federal government here is what you would be looking at. your family income, 24,400. your spending, 305,400. look at this. what's going on? you can't do this. if you were spending 35,000 only had 24,000 coming in, that's a nightmare. the new debt would be 10,900. it's a nightmare. so let's talk about your total credit card debt. if you were on par with the federal government your total debt would be $163,000. you're not even earning 25,000. you would be in huge trouble. you would be insolvent. i would call you a deadbeat. of course you're too smart to do something this stupid. capitol hill
the deficit, like how much debt or adding. over a trillion. just when you're. federal government running a a tab of a trillion. we talk about this number of the time. let's get this zero's again. a very big number. tough to get your arms around these numbers. when you see it on a piece of paper it's easier. i thought it would be even easier if we thought about one american household. what if each of those numbers translate it into one family. if you ran the household like the federal government...
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we were paying down the deficit. things were going well under bill clinton, under that tax system, and that's what we'll go back to tomorrow. what's so bad about that? well, what's happened is in the last ten years a lot of people have gotten very rich in this country. very rich. and now they want to protect their wealth. and that's what they want to do. they want to lock in this system on estate taxes and lower tax rates up to $450,000 or $500,000 or a million or whatever they want. they want to lock that in. i think it's time for them to start paying their fair share, and they did under the clinton tax provisions that we had in place at that time. so to go back to the tax provisions that we had under bill clinton doesn't frighten me one bit. but now we hear the same song and dance from the republicans. if we do that, the sky's going to fall. the world will end tomorrow. the markets will just go all to heck. we heard that in 1993, and it was wrong. we're hearing it again today about what will happen if we go back to
we were paying down the deficit. things were going well under bill clinton, under that tax system, and that's what we'll go back to tomorrow. what's so bad about that? well, what's happened is in the last ten years a lot of people have gotten very rich in this country. very rich. and now they want to protect their wealth. and that's what they want to do. they want to lock in this system on estate taxes and lower tax rates up to $450,000 or $500,000 or a million or whatever they want. they want...
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extends unemployment insurance and lays the ground for future progress on more economic growth and deficit reduction. >> reporter: in the republican response, missouri senator, roy blunt, called the president's plan the wrong way forward. >> the president's proposal to raise taxes on the top 2% of americans won't pay one-third of the annual interest now owed on this massive 16 trillion dollar debt. >> reporter: sources closest to the talk tell harry reid and mitch mcconnell are working to draft a plan that will include extending unemployment benefits and keeping 30 million americans from paying the alternative minimum tax and allowing taxes to increase on the wealthiest americans. this remains a major sticking point for many republicans. some say a small deal is better than no deal at all but represents a lack of leadership. >> they haven't taken any of the hard measures to bring spending down and reform entitlements and raise more revenues. >> reporter: now, late saturday, negotiators continued to haggle over a number of issues, particularly the issue of taxes. republican leader, mitch mc
extends unemployment insurance and lays the ground for future progress on more economic growth and deficit reduction. >> reporter: in the republican response, missouri senator, roy blunt, called the president's plan the wrong way forward. >> the president's proposal to raise taxes on the top 2% of americans won't pay one-third of the annual interest now owed on this massive 16 trillion dollar debt. >> reporter: sources closest to the talk tell harry reid and mitch mcconnell...
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not even close fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope that the blame game can be put aside so they can get some work done? in the private sector these people would be fired. >> absolutely. this is a do nothing congress, the least active in fur years when it comes to policy making, and the reason we are here is that the delay decisions for the past two years. i do think that something will happen because if it doesn't the consequences will be so severe in the next year again over 9 percent unemployment and a significant slowdown in an already slow economy. tom: but the blame game, who is going to g
not even close fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope...
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there is no sense that deficit will hammer us right now. >> i have blajerred on too much. my fault. thank you very much sfls let's hit on as many as we can. jimmy p. joining us. and former governor ed rendell. i think steve brought up an important point, governor, which is this, what do you believe is the ultimate goal. adding 50 $60 bucks to benefits will help them live a more comfortable life. will it help the growth goals of the united states? >> i think the greater growth goals can only be accomplished -- look, there isn't going to do anything to get our debt under control. we we have to go back to the drawing board to deal with entitlement reform, military spending cuts and revenue. it is reported this produces 600 billion in revenue, that's not nearly enough. we have to go back tlt drawing board an and make tough decisions. only taking care of the debt will causey think the chain reaction that will cause markes to the explode. economy to grow bp that's more important than any of the little niches you are talking about. >> when will that time kuk? when will we have to go back t
there is no sense that deficit will hammer us right now. >> i have blajerred on too much. my fault. thank you very much sfls let's hit on as many as we can. jimmy p. joining us. and former governor ed rendell. i think steve brought up an important point, governor, which is this, what do you believe is the ultimate goal. adding 50 $60 bucks to benefits will help them live a more comfortable life. will it help the growth goals of the united states? >> i think the greater growth goals...
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the deficit has been improving. the federal deficit has improved over the last couple quarters. >> so is it the case that perhaps because the economy has done better that perhaps that would save us from a credit rating downgrade even if we go over the cliff? >> i don't expect another downgrade from the other rating firms. the next step would be putting it on negative watch. all three major credit rating firms have a negative outlook. the next step is a negative watch and then a downgrade. we don't expect that to happen. especially if the debt ceiling is raised, which is likely, not many people have been speaking about it, but that's likely to come out over the next couple of weeks. then there's the entitlement reform, which probably is more importantly actually than the deficit talks. >> so in terms of entitlement reform, if we have a mini deal, so to speak, where certain tax rates are maintained for the middle class, let's say, but the amount of time in which entitlement reform can be worked out is an extended time
the deficit has been improving. the federal deficit has improved over the last couple quarters. >> so is it the case that perhaps because the economy has done better that perhaps that would save us from a credit rating downgrade even if we go over the cliff? >> i don't expect another downgrade from the other rating firms. the next step would be putting it on negative watch. all three major credit rating firms have a negative outlook. the next step is a negative watch and then a...
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and it immediately moved to deficit reduction and how to do it. and that was a very fundamental, important shift in the conversation. >> we have to go, but -- we have to go, but i heard that after the show, sam stein will be on twiner. you can be there, too. >> we can get together. >> we have another important item, though, which is the biggest hurdle arguably to president obama's second term agenda. that's something you're probably never going to hear about, literally. people think of the filibuster as a talk athon to stop action in the senate. but nowadays it has been attacked with a constant extreme of silent filibusters. up next, the talking filibuster ahead live. >>> time for the your business preer oes weeks. amber and mark started north carolina's based footsteps clothing which had a booming christmas themed pajama liven. not wanting to be jump a seasonal line of christmas, they added other opportunities. for more, watch "your business." sunday morning at 7:30 a.m. everyone loves surprise parties. yeah, so last week we had a surprise party
and it immediately moved to deficit reduction and how to do it. and that was a very fundamental, important shift in the conversation. >> we have to go, but -- we have to go, but i heard that after the show, sam stein will be on twiner. you can be there, too. >> we can get together. >> we have another important item, though, which is the biggest hurdle arguably to president obama's second term agenda. that's something you're probably never going to hear about, literally. people...
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makes the deficit worse. the real test will been when they can do their jobs and make the hard choices and confront very dangerous debt levels that we currently have in this country that are part of the reason the economy is not growing. it's those hard choices that will be the real test of bipartisanship and the ability to govern. host: let's share with you yesterday how things unfolded. senator john thune spoke with reporters midday yesterday on capitol hill. [video clip] >> those conversations and discussions continue. we remain hopeful that will get a breakthrough. what happened between the two leaders in the senate had broken down, because the senate democrats failed to come forward with a counteroffer to the proposal republicans made last night. host: a late word from "politico" from republican leader mitch mcconnell. let me read to you a story that he and the vice president engaged in "serious overnight negotiations to avert the fiscal cliff, making major progress to a year-end tax deal, giving seven h
makes the deficit worse. the real test will been when they can do their jobs and make the hard choices and confront very dangerous debt levels that we currently have in this country that are part of the reason the economy is not growing. it's those hard choices that will be the real test of bipartisanship and the ability to govern. host: let's share with you yesterday how things unfolded. senator john thune spoke with reporters midday yesterday on capitol hill. [video clip] >> those...
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it's deficits that got us into this problem. it's only reducing deficits that get us out of this problem. >> senator, just to be clear, this reporting the democrats have offered, $450,000, your best information is that that has been accepted? >> no, that's not my best information, but it's my best belief that they've reached an agreement on revenues. what that level is, i don't know, but the question now is where those revenues go. if they go to new spending, we're going to have a problem making a deal because spending has been our problem. but if they go towards deficit reduction, which ultimately will be debt relief, that will be a good thing, and we probably will have a deal. >> senator, let's talk about the process very quickly. we are told the senate will come back into session at 11:00 this morning. that somehow reflects on the fact that seems to be a late start to the working day, but there's work being done right now. tell me what that work is. >> you know, any time you're putting a deal together, it's always the details
it's deficits that got us into this problem. it's only reducing deficits that get us out of this problem. >> senator, just to be clear, this reporting the democrats have offered, $450,000, your best information is that that has been accepted? >> no, that's not my best information, but it's my best belief that they've reached an agreement on revenues. what that level is, i don't know, but the question now is where those revenues go. if they go to new spending, we're going to have a...
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smash some deficits, smash some deficits, smash some deficits, smash some deficits. >> that was gallagher, too? >> that was gallagher. one of our more memorable moments with rick santelli, who can do incredible things with a very large mal let. rick, good morning. happy ne year to you. we're going to do smashing here if things don't happen in the next few hours. >> they are. as a matter of fact -- hold on. got to get some props that you can't see. you know, i think it's almost time for us to do a big whoopee, because maybe we are close to a deal. but after listening to that spot, i think i'm going to modify whoopee to maybe whoop-pea. because i think we went from smashing pumpkins to potentially smashing a pea. and maybe even the pea is going to be a little bit too big. so we went from gallagher -- there we go. there's our debt smashing for the end of the year. okay? it's basically a pea. and maybe we don't even get that. because most likely, what we are dealing with here, unlike with gallagher and the watermelons and big hammer, is pretty much about a tax deal. okay? we've done all of th
smash some deficits, smash some deficits, smash some deficits, smash some deficits. >> that was gallagher, too? >> that was gallagher. one of our more memorable moments with rick santelli, who can do incredible things with a very large mal let. rick, good morning. happy ne year to you. we're going to do smashing here if things don't happen in the next few hours. >> they are. as a matter of fact -- hold on. got to get some props that you can't see. you know, i think it's almost...
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they want to talk about the debt, they want to talk about the deficit. they want to talk about simpson/bowles, they want to talk about this and that. it's not revenue, it's spending, it's not the speaker, it's the president. it's fantasy land. somebody needs to get in the republican party that can actually make a deal, negotiate with democrats, the president and the vice president and get something done. we do not have to go over the cliff. we can stop this if the republicans are serious about governing this country. >> and welcome to fantasy island. joining us now from washington, we have republican representative from oklahoma, congressman tom cole. congressman, thank you very much for coming back on the show this morning. >> thank you, mika. >> we also have ed rendell still with us, san deanor, dr. hensac in washington as well as michael steele in washington. so we have a great panel to talk to you, congressman, this morning. you were the guy willing to cut a deal, i think at that $250,000 limit. i don't know how ostracized you got from your party on
they want to talk about the debt, they want to talk about the deficit. they want to talk about simpson/bowles, they want to talk about this and that. it's not revenue, it's spending, it's not the speaker, it's the president. it's fantasy land. somebody needs to get in the republican party that can actually make a deal, negotiate with democrats, the president and the vice president and get something done. we do not have to go over the cliff. we can stop this if the republicans are serious about...
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unemployment insurance is available for 2 million people, and it lays the groundwork for additional deficit reduction and economic growth steps that we can take in the new year. let us not miss this deadline. that is the bare minimum we should be able to get done. it should not be hard since democrats and republicans say they do not want to see taxes go up on middle-class families. i have to repeat -- outside of washington, nobody understands how it is that this seems to be a repeat pattern over and over again. ordinary folks -- they do their jobs. they meet deadlines. they sit down and they discuss things and then things happen. if there are disagreements, they sort through the disagreements. the notion that our elected leadership cannot do the same thing is mind-boggling to them. it needs to stop. i am modestly optimistic that an agreement can be achieved. nobody will get 100% of what they want. let us make sure that middle- class families and the american economy and the world economy are not adversely impacted because people cannot do their jobs. thank you very much, everybody. >> today
unemployment insurance is available for 2 million people, and it lays the groundwork for additional deficit reduction and economic growth steps that we can take in the new year. let us not miss this deadline. that is the bare minimum we should be able to get done. it should not be hard since democrats and republicans say they do not want to see taxes go up on middle-class families. i have to repeat -- outside of washington, nobody understands how it is that this seems to be a repeat pattern...
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are you going to pay down the deficit? if you are going to use it for more government spending we don't want a part of it. senator mcconnell on the republican side seemed to get frustrated because he felt like the democrats were slow walking the th, 18 hours without a response. mcconnell made a call to a well known senator, joe biden to see if he could help. >> we're willing to work with whoever can help. no single issue remains an impossible sticking point. a sticking point appears to be a willingness and interest or frankly the courage to close the deal. >> reporter: as senate aide says it was designed to try to jumpstart the talks and consequences of getting a tax increase is a huge concern. >> gregg: what went awry in these talks? >> you heard senator thune. a fiscal cliff deal is a new way calculating inflation that would lower social security payments. democrats say they would do it as part of much bigger deal but it was off the table for the smaller deal they are working on. so democrats called it a poison pill. >>
are you going to pay down the deficit? if you are going to use it for more government spending we don't want a part of it. senator mcconnell on the republican side seemed to get frustrated because he felt like the democrats were slow walking the th, 18 hours without a response. mcconnell made a call to a well known senator, joe biden to see if he could help. >> we're willing to work with whoever can help. no single issue remains an impossible sticking point. a sticking point appears to be...
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reduce the deficit by 10 or 12%. so it's a question at this point of what sort of hollow, empty meaningless symbolic gesture daus washington want to make and how many group of people do they want on the altar to make that gesture. >> what's so interesting here is that we're talking about the republicans fighting to protect 1.2% of the american public from a tax increase. 98.2% of taxpayers are below the $250,000 threshold so it's kind of amazing in congress, particularly when we're talking about the house, that he's made a pledge around tacks that its willing to allow 98.2% of americans to pay more by going over -- around this curve, it's more of a curve than a cliff. but i think the issue of the deficit is important. i don't think it's a symbolic gesture. one of the things that we've seen is $200 million we've started carving off the deficit. and the question is the time frame of deficit reduction, right? it's how fast, over what time trajectory do we see health? we've been making improvements over the past three ye
reduce the deficit by 10 or 12%. so it's a question at this point of what sort of hollow, empty meaningless symbolic gesture daus washington want to make and how many group of people do they want on the altar to make that gesture. >> what's so interesting here is that we're talking about the republicans fighting to protect 1.2% of the american public from a tax increase. 98.2% of taxpayers are below the $250,000 threshold so it's kind of amazing in congress, particularly when we're...
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with leaders of both parties to try and forge an agreement that would grow our economy and shrink the deficit. a balanced plan that would cut spending in a responsible way but also ask the wealthiest americans to pay a little more. and above all, protect our middle class and everybody who is striving to get into the middle class. i still want to get this done. it is the right thing to do for our families, four or businesses and for our entire economy but the hour for immediate action is here. it is now. we're now at the point where in just four days every american's tax rates are scheduled to go up by law. every american's paycheck will get consider bring smaller. and that would be the wrong thing to do for our economy. it would be bad for middle class families and it would be bad for businesses that spend, depend on family spending. fortunately congress can prevent it from happening if they act right now. i just had a good and constructive discussion here at the white house with senate and house leadership about how to prevent this tax hike on the middle class. and i'm optimistic we may stil
with leaders of both parties to try and forge an agreement that would grow our economy and shrink the deficit. a balanced plan that would cut spending in a responsible way but also ask the wealthiest americans to pay a little more. and above all, protect our middle class and everybody who is striving to get into the middle class. i still want to get this done. it is the right thing to do for our families, four or businesses and for our entire economy but the hour for immediate action is here....
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at the moment we will have a fairly modest amount of deficit reduction. maybe even none at all. mixed with a fairly bad economic impact from the fiscal cliff. kicking some of the sequester down the road would be a good idea but it's the same disagreements keeping us from doing that that has kept us from getting a bigger deal. >> where we are right now and what we know about this, sam, is it clear whether one side gave more than the other? >> you know, it's just the first chapter of a several-chapter book here because now we're going to have to deal with the debt ceiling fight and republicans have been calculating that they want to extract some concessions from the white house on that. that can't be considered separate from what we're talking about today. of course, we have to do the sequestration and what will happen with those cuts. so it's too early to tell who wins, who loses. i'll add to ezra, the big losers i guess are us, and me in particular standing out here in the cold on new year's eve over a manufactured crisis. >> there are a lot of us who did not expect to be here a
at the moment we will have a fairly modest amount of deficit reduction. maybe even none at all. mixed with a fairly bad economic impact from the fiscal cliff. kicking some of the sequester down the road would be a good idea but it's the same disagreements keeping us from doing that that has kept us from getting a bigger deal. >> where we are right now and what we know about this, sam, is it clear whether one side gave more than the other? >> you know, it's just the first chapter of...
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these tax increases for the rich or not, as you know, you've said, we still have a trillion-dollar deficit. we have a lot of work to do. >> we do. all i ask is that we get the work done. steven moore, always a pleasure. thank you. we'll talk to you a lot in 2013. >>> up next, the great tax debate that steven was just talking act. does raising tax on the wealthy really hurt the economy? i'll give you an answer. s. but you're progressive, and they're them. yes. but they're here. yes. are you...? there? yes. no. are you them? i'm me. but those rates are for... them. so them are here. yes! you want to run through it again? no, i'm good. you got it? yes. rates for us and them -- now that's progressive. call or click today. meet the 5-passenger ford c-max hybrid. when you're carrying a lot of weight, c-max has a nice little trait, you see, c-max helps you load your freight, with its foot-activated lift gate. but that's not all you'll see, cause c-max also beats prius v, with better mpg. say hi to the all-new 47 combined mpg c-max hybrid. >>> the biggest issue is tax increases. many republicans s
these tax increases for the rich or not, as you know, you've said, we still have a trillion-dollar deficit. we have a lot of work to do. >> we do. all i ask is that we get the work done. steven moore, always a pleasure. thank you. we'll talk to you a lot in 2013. >>> up next, the great tax debate that steven was just talking act. does raising tax on the wealthy really hurt the economy? i'll give you an answer. s. but you're progressive, and they're them. yes. but they're here....
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that solves our deficit problems in a balanced and responsible way. with this congress, that was obviously a little bit too much to hope for at this time. it may be we can do it in stages. >> there are a number of issues on which the two sides are still apart but negotiations are continuing as i speak. but we really are running out of time. >> the vice president and i have worked together on solutions before and i believe we can again. >> no holiday for the best political team around. a triple threat, luke russert and mike viqueira on the capitol hill and kristen welker from the white house. are you happy to be working on the holiday? >> it's fantastic. >> absolutely. >> sounded believable. viq, let's start with you. we have news trickling out today. working, trying to make a deal. what's going on? >> it's washington, d.c. nothing is as it appears. we6 classic kabuki theater going on here, toree. the president, jovial, said they were close to a deal. that joe biden, the negotiations with mitch mcconnell essentially borne fruit. republicans annoyed wit
that solves our deficit problems in a balanced and responsible way. with this congress, that was obviously a little bit too much to hope for at this time. it may be we can do it in stages. >> there are a number of issues on which the two sides are still apart but negotiations are continuing as i speak. but we really are running out of time. >> the vice president and i have worked together on solutions before and i believe we can again. >> no holiday for the best political team...